Steven Woodcock of Plutus FX, comments on the key events affecting the currency markets, and further gives the outlook for USD/JPY, EUR/USD and AUD/USD.
USD/JPY: How deep can it go?
On USD/JPY, Woodcock says that the dollar pullback is seeing the cross move lower, but he favours being a buyer on dips towards 115.50. He further believes that the uptrend for the pair will be under threat on a move below 114 level. He maintains his bullish target for the cross at 140-145 level.
EUR/USD: Caution on longs
Woodcock notes how he had been a buyer for choice on EUR/USD previously, but warns against building longs on the pair at current levels, with the pair currently near resistance.
AUD/USD: Antipodeans under pressure
Woodcock mentions that both the Aussie and the Kiwi remain under pressure. Looking at the technical charts, he adds that the price action doesn’t look like its basing for AUD/USD and hence warrants caution against building longs on the cross.
